I feel this is a harder to do than most people think. Though some people do it and make a living. Just remember the average wage for professional photographers report by the government is $29,000 a year. That is not much to live on.

Here are some nice real life stories and links that you may find interesting or helpful.

This is the most popular photographer for senior photos in my area, I think he does a great job though I don't know him. However I have stolen every location he has used. In a small county it is hard to hide to good spots.

Many photographers will say that your business skills and people skills need to be better than your photography skills. Each generation of easier-to-use cameras has caused established pros to decry the march of technology. The photos are the easy part.
While I'd love to make money with my photography, the parts of it I love are not the parts that will make money.